SYSC326 assists Non-Executive Directors ('NEDs') to challenge how financial crime risk is assessed and responded to in a firm's operating environment. Support for NEDs to demonstrate independence and objectivity when challenging financial crime risk management.
Non-Executive Directors ('NEDs') contribute to corporate governance, via independent oversight and constructive challenge to executive directors.
NEDs face the same liability, legal duties and responsibilities as executive directors, but may have limited detailed awareness of financial crime risk.
NEDs are particularly important when a company Chairman or Chief Executive Officer is sales driven, entrepreneurial, a risk-taker or overbearing.
NEDs are independent and should lack conflicting business / relationships, which could interfere with the exercise of independent judgement.
NEDs do not have to know the industries in which companies operate. Such experience and knowledge should be within the executive directors.
Support for NEDs on financial crime risk in supply chain, customer portfolio, channel (including use of agents & intermediaries) and business process.
The Companies Act 2006 requires executive directors and NEDs to exercise independent judgement, with reasonable care, skill and diligence.
The UK Bribery Act, Criminal Finances Act and other criminal legislation also carry personal and corporate risks for material failings in compliance.
An experienced Financial Crime specialist accustomed to advising Boards' and senior managers on managing financial crime risk.